Stock Update (NASDAQ:SRPT): Sarepta Therapeutics Inc Announces FDA Will Not Complete the Review of the Eteplirsen New Drug Application By The PDUFA Date
Sarepta Therapeutics Inc (NASDAQ:SRPT), a developer of innovative RNA-targeted therapeutics, announced that the U.S. Food and Drug Administration (FDA) has notified the Company that they are continuing their review and internal discussions related to our pending NDA for eteplirsen and will not be able to complete their work by the Prescription Drug User Fee Act (PDUFA) goal date of May 26, 2016. The FDA has communicated that they will continue to work past the PDUFA goal date and strive to complete their work in as timely a manner as possible. (Original Source)
Shares of Sarepta Therapeutics are up nearly 27% to $23.39 in pre-market trading. SRPT has a 1-year high of $41.97 and a 1-year low of $8. The stock’s 50-day moving average is $18.12 and its 200-day moving average is $22.28.
On the ratings front, Sarepta Therapeutics Inc. has been the subject of a number of recent research reports. In a report issued on May 6, Piper Jaffray analyst Edward Tenthoff reiterated a Sell rating on SRPT, with a price target of $6, which reflects a potential downside of -67.5% from last closing price. Separately, on the same day, Jefferies Co.’s Gena Wang reiterated a Sell rating on the stock and has a price target of $7.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Edward Tenthoff and Gena Wang have a total average return of -5.3% and -14.6% respectively. Tenthoff has a success rate of 33.6% and is ranked #3588 out of 3869 analysts, while Wang has a success rate of 30.8% and is ranked #3668.
The street is mostly Neutral on SRPT stock. Out of 13 analysts who cover the stock, 5 suggest a Hold rating , 4 suggest a Sell and 4 recommend to Buy the stock. The 12-month average price target assigned to the stock is $22.50, which implies an upside of 22.0% from current levels.